The company intends to lead the generative AI adoption across the UK financial services industry. Credit: 3rdtimeluckystudio / Shutterstock.

UK-based startup Aveni has secured £11m ($14.14m) in a Series A funding round with significant contributions from Lloyds Banking Group, to drive AI innovation in the financial services industry.

The funding round, led by Puma Private Equity, also saw contributions from Nationwide, existing investor Par Equity, and Scottish Enterprise.

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Aveni plans to use the proceeds to enhance its product offerings and solidify its position within the financial services industry.

The fintech is engaged in developing AI solutions, particularly in developing large language models (LLMs) tailored for financial services, known as ‘vertically aligned’ AI products.

The company’s latest initiative, FinLLM, is a financial services-specific LLM.

Being developed in collaboration with new investors Lloyds Banking Group and Nationwide, FinLLM aims to become the benchmark for responsible, transparent, and ethical use of generative AI in the financial services sector in the UK.

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Aveni CEO Joseph Twigg said: “Generative AI represents the most significant technological evolution of our generation and we’re in the nascent stages of adoption. This presents a significant opportunity for Aveni and our partners.

“The objective with FinLLM is to set a new standard for the controlled, responsible and ethical adoption of generative AI, outperforming all other generic models across our selected financial service use cases.”

The team working on FinLLM will operate from the Edinburgh Futures Institute, post-investment.

Lloyds Banking Group fintech investments head Robin Scher said: “Aveni’s cutting-edge AI solutions offer a huge opportunity for the financial services industry, streamlining operations and elevating the customer experience.”